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FinancialNews


  • 28-12-22

    Saudi benchmark index closes Tuesday’s session adding 130 points

    (MENAFN) Saudi Arabia’s Tadawul All share Index earned 130.62 points — or 1.28 percent — on Tuesday to end standing at 10,359.26 as China declared its strategy to lift quarantine rules for inbound visitors starting from the 8th of January.

    The news spread a wave of pleasure through the markets globally as it indicated the facilitating of the three-year border control that had upset global exchange and the international worldwide chain.

    “The announcement that China will remove the last remaining COVID-19 restrictions created hopes of reducing pressure on the global supply chain and hence hopes of lowering inflation and boosting demand recovery in oil,” Junaid Ansari, chief of investment plan and research at Kamco Invest, informed Arab News.

    The overall exchange turnover of the main index on Tuesday climbed 78 percent to reach SR3.45 billion (USD920 million) from Monday’s SR1.92 billion, which was the worst figure exchange on the market in three years.

    “The gain in Saudi Arabia was broad-based, with 17 out of the 21 sectors seeing gains while decliners were marginal. The trading activity also recovered from yesterday’s multi-year low levels indicating investor optimism,” as stated by Ansari.

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